The Downtown Investment Authority overwhelmingly approved a long-planned project on Jacksonville’s Southbank on Wednesday.
In an 8-0 vote, the DIA gave the “The District” the green light.
The new development would bring apartments, restaurants, office space and retail shops to the vacant land.
A long-planned project on Jacksonville's Southbank is one step closer to becoming a reality. I'll have the details at 5 on CBS47 @ActionNewsJax. pic.twitter.com/VYkTxGnyGa
— Christy Turner (@ChristyANJax) April 11, 2018
City Councilwoman Lauri Boyer said the City of Jacksonville will invest in the infrastructure in two ways.
One way involves up to $26 million in property taxes that are being generated by current Southbank development. The other method is a portion of city property taxes generated from the development over a 22-year period.
Councilman Boyer said developers will invest in the business that will be built on the land
So far, the city has set aside $5 million for the first part of the project.
The plan is to introduce the project to City Council in May.
They hope to see a vote in early June.
Cox Media Group
